In a mere 24 hours the size of the pension deficits facing some of Britain’s biggest companies has jumped by around £100 billion to a record £390 billion - the equivalent of over £150,000 for every member of a final salary scheme.
The increase is a direct result of the Bank’s announcement this week to create £150 billion and pour it directly into the financial system, experts said.
The ballooning deficits sharply increase the chance that a swathe of companies shut down their pension schemes - not only for future employees but for those already paying into them.
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I read the BBC version of this, and they were adamant that 'quantitative easing' did not mean an increase in the money supply.
ReplyDelete"It is sometimes incorrectly referred to as printing money, but the Bank will not expand the supply of money by making new banknotes.
Instead it will buy assets - such as government securities and corporate bonds."
I guess now the MSM has no credibility left, they can just barefacedly lie?